Epstein Secrets

ome Constriction 0 45% 2.053 82 7 Media PBS Power Shares Dyn. Media 0.83% 134 1.9 Specialty Ret

h SPQR S&P Biotech ET1 0.35% 0.35% 805 2,282 14.1 294.3 Health Care Equipment & Supplies IHI iShares U.S. Medical Devices 0.45% 776 6.3 Health Care Providers & Services IHF iShares U.S. Health Care Providers 0.45% 868 12.0 Pharmaceuticals PPS' XPH Market Vectors Pharmaceuticals SPDR S&P Pharmaceuticals 0.3

Utilities Gas Utilities 15.4 14.9 Independent Power Producers Multi-Utilities 2.3% 2.5% Telecom 12.

8.3 10.6 10.6 20.5 29.3 29.5 22.9 21.3 20.0 17.2 16.4 17.3 16.0 18.4 16.8 24.5 22.4 23.8 21.7 Equa lweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.3 15.5 David Bianco,(1) 212 250 8169 Ju Wang, (1) 212 250 7911 Winnie Nip (1) 415 617 3297 EFTA01476128 8 December 2015

% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Tel

3 16.7 25.0 22.8 23.6 21.5 EFTA01476321 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476322 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc. Page 5 Figure 9: S&P EPS Model by

% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Tel

3 16.7 25.0 22.8 23.6 21.5 EFTA01476467 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476468 20 November 2015 US Equity Insights Figure 65: Sector and Industry ETFs Note: Please see DB note "Eq